Journal of Accountancy Podcast

Kimberly Ellison-Taylor, CPA, CGMA, the founder and CEO of KET Solutions and a former AICPA board chair, is energized by people she met and words she heard at recent events. Ellison-Taylor recaps some of the highlights in this episode of the JofA podcast, focusing on a session at the Future of Finance Summit in December on how finance professionals, and women in particular, can turn dreams of serving on a corporate board into reality. Also, get caught up on recent articles in the JofA, including a recap of a session on generative AI at Digital CPA, the start of tax season according to the IRS, how auditors can handle questionable employee retention credit claims, and when some accountants are completing work. What you'll learn from this episode: · A roundup of several JofA articles in a busy news week. · Ellison-Taylor's key takeaways from the Women's Global Leadership Summit and Digital CPA events. · The networking opportunities provided by those events and the Future of Finance Summit. · Her thoughts on technology being "unleashed" and future talent being "unlocked." · What Ellison-Taylor means when saying "Together, we're unstoppable." · Why she says that budding leaders should spend time in an office instead of being fully remote.

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, explains why the accounting profession has to embrace generative artificial intelligence (Gen AI) instead of running from it. And that's not all he's talking about in this episode of the JofA podcast. Melancon shares insights on the effect of AI on audit and assurance, how private equity's entry into accounting is changing firms, how business models themselves are changing, and why he says the world needs accountants more than ever. This is the second of a two-part conversation. The first part was published in December. What you'll learn from this episode: The importance and value of a recently published toolkit on Gen AI. Why accountants and accounting firms have to embrace Gen AI and understand its risks. Potential uses for AI in auditing and assurance. The shifts Melancon sees in the business model of firms. Skills that CPAs should be prepared to learn, unlearn, and relearn. Melancon's explanation of the "trust equation" as it relates to CPAs.

Steve Saah, executive director of the finance and accounting permanent placement practice at Robert Half, joined the JofA podcast last week at the Future of Finance Summit in Orlando, Fla. In the interview, he shares recent data that seems positive related to hiring trends. He also offers insights into the future of in-office work, analyzes the role that inflation plays in that dynamic, and discusses the advantages organizations have with multiple generations in the workforce. What you'll learn from this episode: § How organizations are approaching hiring in 2024, according to recent Robert Half data. § The reasons for the significant gap between supply and demand in the finance industry. § The one word Saah used to describe the 2023 economy. § What Saah thinks about the future of in-office work. § The hiring advantages of hybrid work models for organizations. § The relationship between age, career level, and coachability.

The JofA podcast took a road trip last week to the Future of Finance Summit, catching up with several leaders on highlights from the event and reflections on its growth since the first event in Nashville, Tenn., in 2021. Tom Hood, CPA/CITP, CGMA, executive vice president–Business Growth and Engagement at AICPA & CIMA, leads off this compilation episode, sharing a favorite quote and how it applies to the summit's themes. He and other speakers explain how a growing community of leaders is applying the knowledge of the crowd to guide their organizations in transformative times. Other speakers in this episode: n Carrie Kruse, CPA, CGMA, economic development administrator for the city of Des Moines, Iowa; n Scott Spiegel, CPA, CGMA, COO for AICPA & CIMA; and n Kelly Lorenz, AICPA & CIMA's associate director–Business Growth and Engagement. The episode is the first of several that will focus on Future of Finance speakers and sessions, so be on the lookout for more, starting Thursday and continuing into 2024. What you'll learn from this episode: · Hood's summary of the event's growth over the years. · Why Cruse considers the event the "top professional development opportunity of the year." · The reasons Spiegel is more energized now about a new finance apprenticeship program. · Why the summit's idea-sharing has been a "gold mine of opportunity" for finance leaders, according to Lorenz.

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, joins the show this week for the first part of a two-part conversation on the state of the profession and what CPA can expect in 2024 on several fronts. Melancon details concerns about a potential IRS shutdown in tax season, the state of ESG reporting and regulation, how elections could play out, and why the threats to CPA licensure are real. Part 2 of the conversation will be published in an early January episode of the JofA podcast. What you'll learn from this episode: · Melancon's one word that sums up the state of the profession looking ahead to the new year. · An overview of two major issues affecting CPAs: the moratorium on employee retention credit claims and requirements for beneficial ownership information reporting. · The "significant service implications" of a potential government shutdown related to the IRS. · Why legislation in Europe and California will have an effect on ESG reporting, even for businesses outside those areas and regardless of any SEC action on ESG. · Melancon's assessment of "the art of compromise" in Washington. · The reasons CPA licensure is so important.

In the fourth-quarter results of the Business and Industry Economic Outlook Survey, CPA decision-makers remain pessimistic about both the global and U.S. economy, but less so about their own organizations. They also are showing a hesitance to hire, facing an array of challenges, as explained in this episode of the JofA podcast. Guest Ken Witt, CPA, CGMA, AICPA & CIMA associate director — Management, Accounting Research and Development, analyzes the results of the quarterly survey. What you'll learn from this episode: How sentiment has changed regarding recession likelihood in the past few quarters. Projections for the next 12 months for revenue and profit. A recap of how the top challenges have shuffled lately, including regulatory concerns falling far down the list. The trends in hiring and why some workers may be more likely to stay put than look for another job. The specific part of decision-maker sentiment that Witt is waiting for in 2024.

Jeff Drew, the JofA's editor-in-chief, is the guest on today's episode, taking listeners through some of the articles in the December issue, which goes live on Friday. Drew, a former JofA senior editor and manager with the AICPA's Private Companies Practice Section, has focused on content for the daily and monthly magazines for more than a decade. He is also the host of the Small Firm Philosophy podcast. He previews coverage on the topics of: n firm practice management; n considerations for potential firm partners; n the employee retention credit; n Excel's Automate feature; and n Improving your work setup with a vertical mouse, mechanical keyboard, and more. If you have article ideas or other magazine feedback, you can reach Drew at [email protected]. What you'll learn from this episode: · Where readers can find the latest monthly issue of the JofA. · A summary of a small firm owner's article about firm practice management. · Considerations for CPAs on the path to partner. · Drew's explanation of the top item in the Tax Matters section. · The advice that Kelly Williams, CPA, shares about Excel in Technology Q&A. · Another Technology Q&A topic that reminds Drew of 1980s arcade games.

The 2023 Digital CPA Conference, Dec. 3–6 in Las Vegas, will be the event's 12th year. To explore the trends that drive this year's agenda – and to look back on the conference's weather-delayed start – Michael Cerami joins the JofA podcast. Cerami is executive vice president of strategic alliances, business development, and communications at CPA.com, the AICPA's business and technology subsidiary. Cerami discusses generative AI, previews some of the Digital CPA sessions, and explains how business model transformation is a key topic for future-focused CPA firms and practitioners. What you'll learn from this episode: · More from CPA.com's Michael Cerami on the recently released AI toolkit. · Cerami's preview of some of the keynote speakers' topics. · Why the initial Digital CPA event was delayed about six weeks. · Why business model transformation is top of mind for the profession. · How Digital CPA has led the discussion over the years on the topic of client advisory services, or CAS.

The title above is the first question posed to the guest on this episode of the JofA podcast. Byron Patrick, CPA/CITP, CGMA, vice president—Client Success at the B3 Method Institute, is a repeat guest on the show, and he's spoken previously about best practices for virtual meetings. The conversation topic was spurred by an article covering recent research about how our brains perceive interaction differently in virtual meetings than in-person meetings. The first time Patrick appeared on the JofA podcast, in 2019, he discussed effective email rules. Over the years, he's shared PowerPoint rules to live by and advice for virtual meetings. What you'll learn from this episode: · Why trying to look someone in the eye is difficult in virtual meetings. · Patrick's recall of memorable meeting gaffes. · How headphones can be useful in online meetings. · A cameo appearance from Patrick's dog, Trinity. · Why Patrick says that 10 minutes of consideration can make meeting attendees more effective and presentable.

When will the SEC's proposed rule on climate disclosures become final? And what effect will new legislation in California have on companies across the country? Those questions and more are topics of this episode of the JofA podcast. Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation at the AICPA, discusses the latest news on multiple regulatory and reporting fronts. She also previews a December virtual conference. and discusses the AICPA a summary resource document, created in response to recently signed laws in California. Beers also discusses SEC rules that are not climate-related, such as ones focusing on human capital and board diversity. What you'll learn from this episode: The nationwide impact of new climate-related legislation in California on public and private companies. Where the SEC stands on its proposed climate rule, and the SEC's plans related to the "S" and "G" in ESG. The key role CPAs are positioned play in the rapidly evolving ESG reporting environment. How accounting professionals can benefit from the AICPA & CIMA ESG & Sustainability Conference in December.

For several years now, finance executives have had talent development and retention on their minds – even with all the other business headwinds they're facing today. That's why the timing of an apprenticeship program has been so important, and why it's the main topic on this episode of the JofA podcast. Today's guest, Barry Payne, director—External Relations, Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains the tie-in between the emphasis on apprenticeships and the Future of Finance Leadership Advisory Group (FFLAG). Also, hear a short segment of the Small Firm Philosophy podcast where the owner of a small CPA firm talks about a drastic change to her business model that paid personal and professional dividends. Resources: U.S. apprenticeship program overview Future of Finance Summit agenda and registration JofA article on Sandy Johns and the transformative leap she took for her firm What you'll learn from this episode: An overview of progress in the Department of Labor-approved apprenticeship program in its first year. Some of the new companies now taking part in the program. How companies are applying the apprenticeship program to train and upskill existing employees. Payne's explanation of how an emphasis on apprenticeships was a "fundamental action" of the FFLAG. The top challenge listed by finance executives who are part of the FFLAG. Information about the December summit and agenda and why Payne calls it a "safe haven" for finance leaders.

Stephanie Hughes doesn't want anyone, especially families, to face an unforeseen crisis when it comes time to retire. Her family's own struggles, when she was in college, helped shape that view. Hughes, CEO of the Wealth Management & Family Office at the firm Wiss & Co. LLP, said she's teaching her daughter about money, saving, and thinking early about retirement. Dedicating a little bit of time now to educate others about retirement readiness can pay big dividends down the road. This episode of the JofA podcast also highlights breaking news related to IRS details on withdrawing employee retention credit claims. What you'll learn from this episode: · More about Stephanie Hughes and the division of the firm Wiss of which she is CEO. · The personal experience that helped shape Hughes and her view on financial planning, especially as it relates to transferring family wealth. · How her family's struggle led Hughes to a job that she says "became my passion." · Why retirement readiness is sometimes more challenging for women. · The importance of early education when it comes to saving for retirement. · The YouTube series that Hughes and other firm leaders have begun.

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses, and has zero work experience in a public accounting firm. She has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. How has Davis done all of this, launching the firm Butler-Davis Tax & Accounting and two other businesses? And what has she learned along the way? She shares her story in this episode, a collaboration with the Small Firm Philosophy podcast, which is produced by the AICPA's Private Companies Practice Section. What you'll learn from this episode: Why Davis changed her firm's business model after the first year. How she uses video to communicate with clients and staff. How she shifted her firm away from taxes to accounting, bookkeeping, and advisory services. How price increases helped her firm right-size its client base. How she uses social media to connect with peers and land clients.

In the spring, two technology-focused accounting educators wrote an article about ChatGPT's ability to answer hypothetical client questions. Now, they're joining the JofA podcast to look into the future of generative AI. Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI. Akpan and Dell also note that although the power of generative AI tools is exciting, these tools are far from perfect. In particular, accuracy remains a concern. Editor's note: The interview was recorded in August. What you'll learn from this episode: How Akpan and Dell got to know each other. A forecast of how generative AI will look in 2024. Some of the other tools competing with ChatGPT. Akpan's "aha moment" when giving a recent presentation. Why Dell said — twice — "the sky's the limit" with AI tools.

Ryan Bogner, EY's Americas digital sustainability leader, is the keynote speaker at the AICPA & CIMA Oil & Gas Conference in November in Las Vegas. He explains on this episode of the JofA podcast how the regulatory landscape will affect reporting going forward, the link between cost efficiency and carbon efficiency, and why, even with more focus on sustainable energy sources, demand for oil and gas remains high. What you'll learn from this episode: · Bogner's explanation of how reporting directives in Europe can affect U.S. companies. · How changes in the regulatory landscape could affect CPAs' reporting and assurance duties and timelines. · An update on the release of the SEC climate rule's final version. · Definitions of "carbon efficiency" and "carbon intensity." · Why Bogner says that demand for oil and gas as an energy source isn't diminishing.

Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. Some earned CPE credits from a Kess conference session, others read his book, and some learned simply how to treat other people. Kess was passionately devoted to the profession; he continued serving on conference planning committees well into his 90s. As recently as 2022, Kess was honored with others in the profession at AICPA & CIMA ENGAGE. The specific award given then to Kess was the Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award. It is one of many such honors, not that Kess was in it for awards. In 2016, he received a separate PFP award. In 2011, he received the AICPA's highest honor. In 2010, an award related to continuing education was named after him. That's the way it was for Kess, who devoted his life to the profession. This episode of the JofA podcast shares more memories of Kess, dating back 50 years. What you'll learn from this episode: Background information on Sid Kess, who died last week at age 97. What Kess taught Marty Finn about relationship-building at conferences. David Lifson's surprise that Kess remembered him from a meeting that occurred at least 10 years earlier. Julie Welch's memory of when Kess suffered broken bones just before an AICPA video session but carried on. AICPA & CIMA CEO Barry Melancon's early dealings with Kess. Why Melancon said that "you hated to disappoint" Kess.

On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures will help protect small businesses and aim to stop fraud by promoters of ERC mills. In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement. What you'll learn from this episode: How to find out if submitted claims have been processed (3:53). When recently submitted claims will be processed (4:41). How to talk to your clients about the IRS announcement (6:22). How a new resource can help (7:38).

For Kevin Martin, CPA, the many happy memories of his father — also a CPA named Kevin Martin — outweigh the grief that accompanied the elder Martin's death in 2019. An otherwise healthy 78-year-old, the grandfather to Kevin and Lisa Martin's four children was diagnosed with amyotrophic lateral sclerosis (ALS), a debilitating disease that has no cure. He died about a month later. Kevin Martin, the son, didn't want those memories to fade away, and so, in the middle of the pandemic, he decided to write. He kept writing, and eventually his grief journal became a book, All Is Well: Life Lessons from a Preacher's Father. In this episode of the JofA podcast, Martin discusses the "preacher" part of the book's title, how the family-owned CPA firm has moved forward, and advice for dealing with life-altering events. What you'll learn from this episode: · The upheaval in accounting and other industries that affected Martin's firm at the onset of the pandemic. · Why Martin decided to write a book about his father. · The last words of Martin's father in the hospital. · Why Martin says "grief has no rules." · Martin's advice for how to assist grieving coworkers, including "bringing down the boundaries." · The book's role in fundraising for ALS charities and research.

It's not a rosy outlook by any means, but the mood of finance decision-makers has brightened in the past three months. That's according to a third-quarter survey of CPA decision-makers in business and industry. Optimism is rising, along with projections on revenue for the coming 12 months. Also, inflation is no longer the top challenge chosen by respondents. Ken Witt, CPA, CGMA, AICPA & CIMA's associate technical director – Reasearch and Development, discusses the results of the Business and Industry Economic Outlook Survey in this podcast episode. What you'll learn from this episode: · The decline in the percentage of respondents expecting their businesses to contract. · A breakdown of how CPA decision-makers in business and industry feel about the likelihood of a recession. · The top challenges facing finance executives. · What Witt calls the "keynote stat" to monitor leading up to the fourth-quarter survey results.

The AICPA's Digital Assets Working Group published the first iteration of its digital assets practice aid in late 2019. Since then, much has changed related to digital assets, and so the practice aid has evolved with timely updates. The latest update, member-locked content published in late July, continues that evolution. On this episode of the JofA podcast, Kyle Sewell, CPA, a member of the Digital Assets Working Group, explains more about why the updates are important and how they can help practitioners.

When Rand Greenblatt, PA, assumed the role as CFO of Elixir Solutions in early 2022, he set out to improve finance operations while empowering team members. He said that seeing direct reports improve through taking on stretch roles is a key part of talent development – and something that's gratifying to him. Greenblatt shared what it's like to manage a team that's fully remote, why he considers that setup "a boon to the organization," and more in this episode of the JofA podcast. What you'll learn from this episode: · Rand Greenblatt's background writing for a newsletter tied to the JofA. · Greenblatt's new role and more about his job priorities. · Three areas of focus for improving his organization's finance function. · The "huge selling point" – and other benefits – of being a fully remote company. · What Greenblatt considers the most rewarding part of his job.

Future-focused consultant and entrepreneur Scott Klososky admits he doesn't know exactly what the future holds as it relates to artificial intelligence. But he is definitely more upbeat about the productivity possibilities AI offers than down about the jobs AI might eliminate He believes AI will cut out parts of jobs, not entire ones. Klososky will talk more on this topic in September at the AICPA & CIMA Conference on Banks and Savings Institutions. About AI, Klososky says: "Instead of fearing it, we need to get better at embracing it and loving and appreciating what it can do." What you'll learn from this episode: · How the past 10 months have transformed the adoption of generative AI such as ChatGPT. · What Klososky means by the phrase "consumerized AI" – and how what's happening now compares to the launch of the iPhone. · Why Klososky prefers "machine intelligence" over "artificial intelligence." · How technology could play a role in helping to close the U.S. labor gap. · A new take on the 80-20 rule, applicable to AI. · What Klososky is looking forward to from this year's banking conference.

Lexy Kessler, CPA, CGMA, is the chair of the National Pipeline Advisory Group, a group of accounting stakeholders formed to help shape strategy to address the profession's talent shortage. Kessler is mid-Atlantic leader for the firm Aprio and a member of the board of directors of the Association of International Certified Professional Accountants. She is a former chair of the Maryland Association of CPAs. In this episode, Kessler discusses why leading the group appealed to her, more about the group's responsibilities, and why she's excited to learn from the group's other members. What you'll learn from this episode: · What the advisory group is and the approach it is taking to key responsibilities. · Some of the ways the talent shortage in the profession has affected business. · Why organizations, including CPA firms, must be open to looking inward for solutions to the profession's pipeline problem. · How the National Pipeline Advisory Group's universally desired end result puts it in a strong position to aid the cause.

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates LLP, she believed it was her responsibility to put in the time needed to make her small firm a success. Today, Johanna remains a full-time partner at the firm, and her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make changes to make busy season less crazy. She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy-season hours almost in half. What changes did they make and how have they kept the firm running profitably? What you'll learn from this episode: · How the firm began a move to cut back on both total hours and hours worked in the office. · The remote work toolkit that assisted in the business transformation. · How a hard minimum set by the firm helped to maximize profits. · When, how, and why the firm fires clients. · The firm's ideas about four-day workweeks.

This episode is a midsummer look back at insights from selected 2023 podcast guests, from a Super Bowl CFO to the AICPA vice chair.

A survey report that focuses on enterprise risk management (ERM) and offers tools for risk practitioners is the focus of this episode of the JofA podcast. The 14th edition of The State of Risk Oversight, a report produced jointly by the AICPA & CIMA, together as the Association of International Certified Professional Accountants, and the ERM Initiative at North Carolina State University, shows that the volume and complexity of risks continues to be prominent on the radar of leaders at U.S. organizations of all types and sizes. However, complete and formal ERM processes are just as common now as five years ago, after the survey showed nearly a decade of increased interest in ERM. Mark Beasley, CPA, Ph.D., a professor at N.C. State and director of the school's ERM Initiative, analyzes the disconnect, explains why a post-pandemic sigh of relief is not a good sign for risk managers, and shares some of the questions that organizations can ask themselves to improve their ERM practices. What you'll learn from this episode: · An overview of the annual survey, and why it appears that interest in establishing complete and formal risk management appears to have leveled off. · Beasley says there's a "false sense of security" related to risk management. · Why defining an organization's crown jewels is a key first step in risk management. · The obstacles that inhibit some organizations' risk management efforts. · Questions related to risk management that can be part of your next company strategy meeting.

In this podcast episode, a collaboration between the JofA and the Tax Section Odyssey podcasts, Tony Nitti, CPA, partner—National Tax at EY, joins April Walker, CPA, CGMA, lead manager—Tax Practice & Ethics at AICPA & CIMA, from ENGAGE 2023. The main topic of their discussion is Rev. Rul. 2008-18, delving into S corporation reorganizations. Related resources Rev. Rul. 2008-18 — Postulates two situations in which an S corporation becomes a qualified subchapter S subsidiary (QSub) of a newly formed corporation that will qualify as an F reorganization. The ruling also provides new guidance on the proper employer identification number (EIN) to be used by the entities in each situation. Private equity and F reorganizations involving S corporations — The Tax Adviser, Sept. 1, 2020 6 reasons an S corporation wouldn't need a PLR | Tax Section Odyssey — Rev. Proc. 2022-19 provides procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a PLR. What you'll learn from this episode: · How S corp. buyers can protect themselves against the risk of invalid S elections. · An overview of Rev. Rul. 2008-18 and a hypothetical example of its applicability. · A review of Rev. Proc. 2022-19 and fixes to invalid S elections. · The extra step when an S corp. owns 100% of a qualified Subchapter S subsidiary.

Donny Shimamoto, CPA/CITP, CGMA, the founder and managing director of Intraprise TechKnowlogies LLC, recently co-hosted a conference session on feedback – specifically, how high performing employees sometimes get a low amount of valuable feedback. Such high performers can have their development halted if they fail to seek out the right feedback to advance in their careers, Shimamoto said. Shimamoto also reflected on the recently completed AICPA & CIMA ENGAGE, highlighting the words of Carla McCall, CPA, CGMA, the AICPA vice chair, about asking for help. What you'll learn from this episode: · Donny Shimamoto's reflection on last month's AICPA & CIMA ENGAGE. · Why employees identified early as high performers sometimes fail to receive meaningful feedback. · Shimamoto's comparison of performance reviews and financial statements. · Why an ENGAGE session about mental health resonated with him.

As the components of a company's value change, the role of finance must adapt to what it reports and how it manages tangible and intangible assets. That shift was underscored with the release of new global sustainability standards by the International Sustainability Standards Board, and it's the topic of this episode of the JofA podcast. Ash Noah, CPA, CGMA, FCMA, managing director—Management Accounting and ESG for AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains briefly what the two standards are and what he sees changing for organizations going forward, in the U.S. and elsewhere. Noah wrote a blog in May about the new imperative for accountants related to reporting on environmental, social and governance (ESG) factors. In this episode, he goes into more detail about what the new standards mean for business and the profession. What you'll learn from this episode: · Noah's description of what is addressed in the new standards, IFRS S1 and IFRS S2. · Details on types of intangible assets. · How the release of the standards is likely to affect U.S. companies. · The AICPA & CIMA vision around the standards, according to Noah. · How the role of finance changes with the release of the standards.

Advising legal cannabis-related businesses is a growing opportunity for CPAs. The landscape is ever-changing, on regulatory and other fronts. Andrew Hunzicker, CPA, the founder and CEO of Dope CFO Certified Advisors in Oregon, and Ron Seigneur, CPA/ABV, founder and partner at the firm Seigneur Gustafson LLP in Colorado, joined the JofA podcast recently to provide an update on what has changed in the industry as well as highlights of the upcoming AICPA & CIMA Cannabis Industry Conference, Aug. 14-16 in Boston. They discuss common questions CPAs have, how laws and regulations have changed over the years, and more. What you'll learn from this episode: · An overview of the cannabis industry's regulatory landscape since one of the speakers was on a JofA podcast episode in 2020. · What attendees can expect at the AICPA & CIMA Cannabis Industry Conference in August. · Details about accounting-specific guidance as it relates to cannabis businesses. · The questions that Hunzicker and Seigneur often get about advising cannabis businesses. · A list of some of the specific niches that make up the cannabis industry.

Chris Ortega is an upbeat person, as anyone who's seen him present at a conference knows. But he also understands that, economically, times are tough, and he has advice for finance professionals to manage through the uncertainty. Ortega also shares how his role at conferences has changed since he first began volunteering, why he likes coming back to AICPA & CIMA ENGAGE, and what he sees for the future of financial planning and analysis (FP&A). What you'll learn from this episode: · Chris Ortega's career progression from financial planning and analysis (FP&A) analyst to consultancy CEO. · How the realm of FP&A and CFOs has changed in the past 18 months. · Ortega's advice for CFOs related to building up cash reserves. · The value Ortega found in volunteering to be on the planning committee for a conference. · His answer to the question, "In five years, what does FP&A look like?"

Carla McCall, CPA, CGMA, was a prominent speaker at AICPA & CIMA ENGAGE 2023 for good reason. On this episode of the Journal of Accountancy podcast, McCall, recently named AICPA vice chair, discusses her career path and interest in volunteering while also serving as managing partner of the firm AAFCPAs. McCall shares some of the key traits of leaders, what her firm is doing to address capacity issues, and one aspect of feedback that she considers difficult. What you'll learn from this episode: · An overview of McCall's career in public accounting. · Why gaining an outside perspective has helped McCall and her firm. · How she has learned to delegate responsibilities over the years. · An obstacle McCall faced regarding mentorship early in her career. · What she looks forward to in her role as AICPA vice chair.

CPA decision-makers in business and industry weren't optimistic at the end of last year, but their outlook grew a bit sunnier as 2023 began. Now, as 2023's midpoint approaches, the outlook of finance executives is again taking on a more pessimistic tone in a quarterly survey. Contraction plans are more common, and projections for revenue and profit have declined. Ken Witt, CPA, CGMA, AICPA & CIMA's associate director–Management Accounting Research and Development, discusses the results of the Economic Outlook Survey in this podcast episode. What you'll learn from this episode: · An overview of second-quarter survey results. · Why Witt now says that the fourth quarter of 2022 may not represent "the bottom" in terms of sentiment. · How the high-interest-rate environment is affecting companies. · Examples of more stringent lending requirements that businesses are facing. · The hiring outlook and projections for the coming 12 months for revenue and profit.

ChatGPT and other generative artificial intelligence bots have made a big splash this year, with ChatGPT even passing the CPA Exam earlier this month, but there is another kind of bot accountants need to know about. Cybercriminals have started using bots to identify zero-day vulnerabilities in routers, servers, smartphones, Windows, web browsers, and antivirus software. Once the hackers discover a vulnerability, they send out their bots to exploit it in as many places as possible, with CPA firms and finance departments among the potential targets. What can CPAs do to shore up their cyberdefenses? The latest episode of the Journal of Accountancy podcast, produced in partnership with the Small Firm Philosophy podcast, addresses that question with Roman Kepczyk, CPA/CITP, CGMA, director of firm technology strategy for Right Networks and author of the AICPA Private Companies Practice Section's CPA cybersecurity checklist. What you'll learn from this episode: · What a zero-day vulnerability is and why patching is so important. · The latest in strong password rules and tools. · Key cybersecurity risks and mitigation strategies for remote workers. · The technology trend Kepczyk is most excited about.

Technology experts in the accounting space have plenty to say about the assets that organizations should protect from cybercriminals, what Web 3.0 could mean for the profession, and what skills future CPAs will need. This is part two of a two-part conversation with: n Amanda Wilkie of Boomer Consulting; n Wesley Hartman of Kirsch Kohn & Bridge LLP; and n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies. The conversation also was turned into a JofA article. The podcast episode of the first part of the conversation was posted May 11. The speakers are scheduled to present at AICPA & CIMA ENGAGE in Las Vegas the week of June 5. Resources n Previous podcast conversation with Hartman about RPA. n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.

Technology experts in the accounting industry have plenty to say about ChatGPT, staffing issues and a push toward more automation, and how organizations can decide which projects are done in house or through outsourcing. This is part one of a two-part conversation with: n Amanda Wilkie of Boomer Consulting; n Wesley Hartman of Kirsch Kohn & Bridge LLP; and n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies. The conversation also was turned into a JofA article. The second part will be published in podcast form on May 18 on the JofA's podcast page. Resources n Previous podcast conversation with Hartman about RPA. n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.

For Dan Griffiths, CPA, CGMA, the president at Lume, a deodorant company headquartered in Utah, taking a rigorous approach to analysis – whether it be marketing spending or performance management – is critical. The human side of running a business is also important. In a conversation more than seven years ago, Griffiths spoke about emotional intelligence, a skill that has served him well in a fully remote company. "We have to be paying much closer attention to what cues we're getting from different members of the team," he said. In this Journal of Accountancy podcast episode, Griffiths offers leadership tips, reflects on what he did and didn't know in making a move from a CPA firm to a retail company, and uses a baseball analogy to explain how performance management should work. Griffiths is scheduled to speak at next week's AICPA & CIMA CFO Conference on the topic of performance management.

Terrell Williams is about to graduate with a master's degree in accounting. That's something he never would have considered after dropping out of college nearly 10 years ago. A chance event in his hometown of Louisville, Ky., changed everything for Williams. He nearly died outside a convenience store one March afternoon. "My time was ticking," he said. In this episode of the Journal of Accountancy podcast, Williams explains what happened, how he viewed it as the "start of a new life," how he found accounting, and why he's living life with more purpose. What you'll learn from this episode: Williams' recount of the life-changing events of March 29, 2017, in Louisville, Ky. Why he said his first attempt at attending college didn't go well. The volunteer work Williams does in his hometown. Some of Williams' mentors, outside of the family that he says "raised me right." What's next for Williams after graduation from the master's in accounting program at N.C. State.

Incentivize the behaviors you want. That was the theory behind GRF CPAs & Advisors' decision to change its partner compensation model several years ago. Firm leaders knew that if they wanted their partners to operate as a cohesive team, they needed to stop paying partners in ways that drove individualistic behaviors. More than five years later, GRF President and Managing Partner Jackie Cardello, CPA, says that while the process was a lot of work, the results "absolutely" have been worth it. What did GRF change, and how have the firm's fortunes improved? Find out from Cardello and GRF partner Elinor Litwack, CPA, in this episode, produced in partnership with the Small Firm Philosophy podcast.

Nikki Winston, CPA, can recall a time when, for her, it might have been easy to give up on pursuing CPA licensure. Now, she receives messages from CPA candidates and advises them on how to continue to the journey. Winston, a career coach and CPA Exam strategist, shares in this episode the common questions she gets from students and why she believes that the 150-hour educational requirement for CPA licensure should not change. Resources: "Understanding the Top Challenges to Becoming a CPA"; A video on how mobility for CPAs would be hampered by changing educational requirements for licensure; and Advice for adding the hours required beyond those of a four-year college degree. What you'll learn from this episode: Winston's advice to approach educational requirements as if going through a buffet line. Why knowledge in areas such as securitization and tax can end up being valuable. The types of messages Winston often receives from accounting candidates seeking coaching or CPA Exam preparation. Why Winston said that the profession should be trying to reach students well before they enter high school. The personal example that applies to Winston's words: "Don't be intimidated by other people's exam experiences."

It's obvious that change is happening rapidly these days, but is the accounting profession moving quickly enough to adapt to that change? It's a question Joey Havens, CPA, has pondered often in his career at the firm Horne LLP. Havens joined the Journal of Accountancy podcast to discuss the building of organizational culture, why the word "enduring" has been a strand running through his career, and why he likes to ask the question "Are we moving fast enough?" Havens is a speaker at AICPA & CIMA ENGAGE in June in Las Vegas.

As consumers, the current environment of higher interest rates affects us in several ways. One of the obvious ways is for potential homebuyers, who are keenly aware of 30-year mortgage rates that are far higher now than several years ago. But how do higher rates affect accounting practitioners and their business clients? Bob Durak, CPA, CGMA, has a few answers in the latest episode of the Journal of Accountancy podcast. Durak, director–Audit and Accounting Technical Services at AICPA & CIMA, together as the Association of International Certified Professional Accountants, also explains the role that the Center for Plain English Accounting (CPEA) plays in assisting small to midsize firms with new or less obvious risks related to interest rates. Hear more about why fraud could rise along with interest rates, what high rates might have to do with revenue recognition, and more about a recent CPEA report that details the current rate environment.

Hamza Khan had just spoken at a TEDx event in 2016 when he got a message from his boss: See me in my office, first thing in the morning. Khan, an author and speaker who will deliver the May 10 keynote address at the AICPA & CIMA CFO Conference in Salt Lake City, recounts the initial reaction to his talk about management of people — it was not all positive. But the content was prescient, a pre-pandemic look at flexible work.

Avani Desai, CPA, doesn't trace her journey to becoming the CEO of a top firm to her youth — she goes back to before her birth, to the emphasis her grandparents put on education in the 1940s in India. In keeping with the "starting early" theme, Desai believes that, instead of talking to students about accounting in their third year of college, the profession needs to reach out to students in the third grade. And she lived that example recently, visiting her daughter's elementary school classroom.

Overall, positivity about the U.S. economy remains muted, with just 23% of respondents to a recent survey saying they are optimistic about the domestic outlook for the next 12 months. That's an improvement from the fourth quarter, when just 12% expressed optimism. Also, 45% of respondents in the first-quarter Business and Industry Economic Outlook Survey are optimistic about their own businesses, up from 35% at the end of last year.

Kelly Richmond Pope, CPA, CGMA, is a professor at DePaul University and the author of a book scheduled to be published later this month on fraud. Fool Me Once: Scams, Stories, and Secrets From the Trillion-Dollar Fraud Industry is designed to help people "see themselves or see their businesses in the stories" so that they can improve their defenses against fraud. Pope details an interactive game related to the book that can help educate business owners about fraud and the motivations of fraudsters.

Uncertainty isn't going away. And because of that, entrepreneur and consultant Pascal Finette says that organizations and leaders should think differently about how they view the current business environment. Finette, a keynote speaker at the Future of Finance Summit in Austin, Texas, challenges leaders to think of uncertainty as an opportunity, not an obstacle. He asks: "How do you actually show up as a leader in a world of uncertainty and lead into, and then lead, in the unknown?" Also, here's the late 2021 interview with Finette in which he talked about the accounting profession's "interesting inflection point."

A well-defined, vibrant work culture certainly can help employees perform at or above expectations. And a poor culture can absolutely be a performance constraint. But how do leaders change culture, or grow it in the age of remote and dispersed workforces? Kerry Brown has a few thoughts. Brown specializes in workforce transformation, and she spoke recently to finance executives about such issues at the Future of Finance Summit in Austin, Texas.

Robin Thieme, CPA/CITP, CGMA, the founder and CEO of KBS CFO, has gotten all kinds of questions over the years from clients. As an early adopter of offering advisory and fractional CFO services, she's someone well versed to share the insights that simply getting those questions can unearth.

Making a run to the Super Bowl never gets old. That's one of the messages that Dan Crumb, CPA, CGMA, the CFO of the Kansas City Chiefs, shares in this episode of the Journal of Accountancy podcast. The team has qualified for the Super Bowl three of the past four seasons, and Crumb encourages the members of his finance team to "step back and soak this moment in" — in between doing extra work in advance of Super Bowl LVII on Sunday.